S1: Under Ind AS 115, a contract with a customer can be combined with another contract and accounted for as a single contract if they are negotiated as a package with a single commercial objective. S2: If the amount of consideration in one contract depends on the price or performance of the other contract, they must be combined. Which statement(s) is/are correct? MCQ with Answer and Explanation
S1: Under Ind AS 115, a contract with a customer can be combined with another contract and accounted for as a single contract if they are negotiated as a package with a single commercial objective. S2: If the amount of consideration in one contract depends on the price or performance of the other contract, they must be combined. Which statement(s) is/are correct?
A. Both S1 and S2
B. Neither S1 nor S2
C. S1 only
D. S2 only
Answer: Option A
Solution (By JKSSB Mock Tests)
Both statements are correct as per Ind AS 115. Contracts must be combined if they are part of a single commercial package, or if the consideration in one depends on the other, or if the goods/services are a single performance obligation.
In the context of the Indian Financial System, the 'Securities and Exchange Board of India' (SEBI) was given statutory powers by which of the following Acts?
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